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JCET Posts Second Consecutive Quarter with Record High in Q2 2020

JCET Group
2020-08-20 23:57 10957

Strong demand for advanced technology drives growth (Q2 2020 Financial Highlights):

  • Revenue was RMB 6.27 billion, a record high in the second quarter. On a comparable basis, taking into account the accounting change in revenue recognition, it was an increase of 55.3% year on year (see note).
  • Generated RMB 1.00 billion cash from operations, up 54.9% year on year. With net capex investments of RMB 0.64 billion, free cash flow for the quarter was RMB 0.36 billion.
  • Net profit was RMB 0.23 billion, a record high second quarter in the past five years.
  • Earnings per share was RMB 0.15, as compared to RMB -0.13 in Q2 2019.

    Note: During the reporting period, we optimized the business model for the purchase and sale of certain packaged products, of which JCET Group no longer bears the general inventory risk on the main raw materials. In accordance with PRC GAAP, both revenue and costs of goods sold were recorded on the net basis and decreased by RMB 0.93 billion respectively. This change had no impact on the company's net profit. Assuming that revenue was still recognized by the gross method (should be recorded on the net basis according to PRC GAAP), it would be RMB 7.20 billion, an increase of 55.3% over the same period last year.

SHANGHAI, Aug. 20, 2020 /PRNewswire/ -- Global leading semiconductor microsystem integration packaging and test provider, JCET Group (SH: 600584) reported financial results for the second quarter 2020, ended June 30th, 2020. Revenue was RMB 6.27 billion and net profit was RMB 0.23 billion, both a record second quarter high in the past five years. These results show that JCET's investment in the development of advanced packaging and test technologies has begun to bear fruit.

Mr. Li Zheng, Chief Executive Officer of JCET Group, said, "Following our strong Q1 with this Q2 performance shows that JCET is benefiting from the strengths of our three global manufacturing hubs, and the continuous improvement of our operational excellence. The rapid development of the 5G communications industry and high-performance computing applications has increased the demand for advanced packaging technologies and manufacturing processes. JCET Group's global supply chain resources and strong portfolio of advanced technology combined with our world-class management team will continue to provide our global customers with industry-leading semiconductor packaging, test and design services."

Ms. Janet Chou, Chief Financial Officer of JCET Group, said, "JCET delivered solid second quarter results with improvement in key financial metrics. Our performance demonstrated our commitment to drive profitable growth and cash generation."

About JCET Group:

JCET Group is a leading global semiconductor system integration packaging and test provider, offering a full range of turnkey services that include semiconductor package integration design and characterization, R&D, wafer probe, wafer bumping, package assembly, final test and drop shipment to vendors around the world.

Our comprehensive portfolio covers a wide spectrum of semiconductor applications such as mobile, communication, compute, consumer, automotive and industry etc., through advanced wafer level packaging, 2.5D/3D, System-in-Packaging, and reliable flip chip and wire bonding technologies. JCET Group has two R&D centers in China and Korea, six manufacturing locations in China, Korea and Singapore, and sales centers around the world, providing close technology collaboration and efficient supply-chain manufacturing to customers in China and around the world.

                   

CONSOLIDATED BALANCE SHEET (Unaudited) 

RMB in millions














As of

ASSETS




Jun 30, 2020

Dec 31, 2019

Current assets








  Currency funds




2,813

2,569

  Derivative financial assets




3

4

  Accounts receivable




2,958

3,350

  Receivables financing




59

68

  Prepayments




214

188

  Other receivables




12

11

  Inventories




2,663

2,731

  Current portion of non-current assets




137

137

  Other current assets




186

501

Total current assets




9,045

9,559

Non-current assets








  Long-term receivables




31

40

  Long-term equity investments




986

972

  Other equity investments




527

517

  Investment properties




98

100

  Fixed assets




18,130

17,799

  Construction in progress




1,146

1,664

  Intangible assets




560

587

  Goodwill




2,248

2,214

  Long-term prepaid expenses




0

1

  Deferred tax assets




121

128

  Other non-current assets




1

1

Total non-current assets




23,848

24,023

Total assets




32,893

33,582







 

 

 

CONSOLIDATED BALANCE SHEET (CONTINUED) (Unaudited) 

RMB in millions














 As of

LIABILITIES AND EQUITY 






Jun 30, 2020

Dec 31, 2019

Current liabilities








  Short-term borrowings




6,127

9,098

  Derivative financial liabilities




101

161

  Notes payable




589

958

  Accounts payable




3,788

4,618

  Receipts in advance




0

113

  Contract liabilities




38

0

  Employee benefits payable




588

586

  Taxes and surcharges payable




93

53

  Other payables




210

235

  Current portion of long term liabilities




2,590

1,827

Total current liabilities




14,124

17,649

Non-current liabilities








  Long-term borrowings




3,185

1,585

  Bonds payable




1,012

0

  Long-term payables




920

1,216

  Long-term employee benefits payable




1

1

  Deferred income




332

337

  Deferred tax liabilities




159

156

Total non-current liabilities




5,609

3,295

Total liabilities




19,733

20,944

Equity








  Paid-in capital




1,603

1,603

  Surplus reserves




10,242

10,242

  Accumulated other comprehensive income




586

429

  Specialized reserves




122

122

  Unappropriated profit




598

231

Total equity attributable to owners of the parent




13,151

12,627

Minority shareholders




9

11

Total equity




13,160

12,638

Total liabilities and equity




32,893

33,582

 

 

 

CONSOLIDATED INCOME STATEMENT(Unaudited) 

RMB in millions, except share data







Three months ended

Six months ended


Jun 30, 2020

Jun 30, 2019

Jun 30, 2020

Jun 30, 2019

Revenue

6,268

4,634

11,976

9,149

Less: Cost of sales

5,271

4,149

10,232

8,298

          Taxes and surcharges

9

9

17

17

          Selling expenses

59

63

116

128

          Administrative expenses

226

303

435

549

          Research and development expenses

276

176

491

349

          Finance expenses

156

186

303

434

            Including: Interest expenses

149

171

303

368

                     Interest income

10

5

19

12

Add: Other income

46

41

80

185

          Investment income/(loss)

(6)

(2)

(7)

(3)

            Including: Income/(loss) from investments in
associates and joint ventures

(6)

(2)

(7)

(3)

          Gain/(loss) on the net position hedging

(4)

0

(5)

0

          Credit impairment (loss is expressed by"-")

(11)

(9)

(6)

(8)

          Asset impairment (loss is expressed by"-")

(28)

(17)

(25)

(14)

          Gain/(loss) on disposal of assets


5

7

9

7

Operating profit/(loss)

273

(232)

428

(459)

Add: Non-operating income

0

0

0

1

Less: Non-operating expenses

2

0

8

4

Profit/(loss) before income taxes

271

(232)

420

(462)

Less: Income tax expenses

38

(20)

53

(204)

Net profit/(loss)


233

(212)

367

(258)

Classified by continuity of operations







  Profit/(loss) from continuing operations

233

(212)

367

(258)

Classified by ownership







  Net profit/(loss) attributable to owners of the parent

232

(212)

366

(259)

  Net profit/(loss) attributable to minority shareholders

1

0

1

1

 

 

 

CONSOLIDATED INCOME STATEMENT (CONTINUED) (Unaudited)

RMB in millions, except share data










Three months ended

Six months ended


Jun 30, 2020

Jun 30, 2019

Jun 30, 2020

Jun 30, 2019

Other comprehensive income, net of tax

27

170

157

(42)

Comprehensive income attributable to owners of the
parent

27

170

157

(42)

Comprehensive income to be reclassified to profit or loss

27

170

157

(42)

  Comprehensive income using the equity method


0

0

0

0

  Cash flow hedge reserve

5

2

3

5

  Exchange differences of foreign currency financial
statements

22

168

154

(47)

Total comprehensive income

260

(42)

524

(300)

  Including:








     Total comprehensive income attributable to owners of
the parent

259

(42)

524

(301)

     Total comprehensive income attributable to minority
shareholders

1

0

0

1

Earnings per share








  Basic earnings per share

0.15

(0.13)

0.23

(0.16)

  Diluted earnings per share

0.15

(0.13)

0.23

(0.16)

 

 

 

CONSOLIDATED CASH FLOW STATEMENT (Unaudited)

RMB in millions








Three months ended

Six months ended


Jun 30, 2020

Jun 30, 2019

Jun 30, 2020

Jun 30, 2019

CASH FLOWS FROM OPERATING ACTIVITIES








Cash receipts from the sale of goods and the rendering of
services

6,857

4,547

12,892

9,956

Receipts of taxes and surcharges refunds

200

74

423

158

Other cash receipts relating to operating activities

230

41

523

208

Total cash inflows from operating activities

7,287

4,662

13,838

10,322

Cash payments for goods and services

5,117

2,901

9,342

7,176

Cash payments to and on behalf of employees

829

826

1,788

1,788

Payments of all types of taxes and surcharges

142

119

232

238

Other cash payments relating to operating activities

195

168

323

303

Total cash outflows from operating activities

6,283

4,014

11,685

9,505

Net cash flows from operating activities

1,004

648

2,153

817

CASH FLOWS FROM INVESTING ACTIVITIES








Cash receipts from returns of investments

0

50

0

66

Cash receipts from investment income

0

(24)

0

0

Net cash receipts from disposal of fixed assets, intangible
assets and other long-term assets

20

9

27

15

Other cash receipts relating to investing activities

0

0

0

20

Total cash inflows from investing activities

20

35

27

101

Cash payments to acquire fixed assets, intangible assets and
other long-term assets

659

940

1,337

1,530

Total cash outflows from investing activities

659

940

1,337

1,530

Net cash flows from investing activities

(639)

(905)

(1,310)

(1,429)

 

 

 

CONSOLIDATED CASH FLOW STATEMENT (CONTINUED) (Unaudited)

RMB in millions












Three months ended

Six months ended


Jun 30, 2020

Jun 30, 2019

Jun 30, 2020

Jun 30, 2019

CASH FLOWS FROM FINANCING ACTIVITIES








Cash receipts from borrowings

2,601

2,632

8,531

8,494

Other cash receipts relating to financing activities

0

777

0

777

Total cash inflows from financing activities

2,601

3,409

8,531

9,271

Cash repayments for debts

2,393

2,379

8,141

9,206

Cash payments for distribution of dividends or profit and
interest expenses

141

136

305

437

Other cash payments relating to financing activities

111

284

285

717

Total cash outflows from financing activities

2,645

2,799

8,731

10,360

Net cash flows from financing activities

(44)

610

(200)

(1,089)

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND
CASH EQUIVALENTS

(7)

26

16

6

NET INCREASE IN CASH AND CASH EQUIVALENTS

314

379

659

(1,695)

Add: Cash and cash equivalents at beginning of the year

2,211

2,132

1,866

4,206

CASH AND CASH EQUIVALENTS AT END OF THE PERIOD

2,525

2,511

2,525

2,511

 

 

 

Source: JCET Group
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